鈥� Strike has completed a review of its Reserves and Resources at the Walyering gas field with independent certifiers RISC Advisory certifying 57 PJe of 2P Reserves and 2C Resources.
鈥� Walyering-7 tie-in targeted for completion by the end of September with construction currently on schedule and on budget.
Strike Energy Limited provides an update on the operations and its Reserves and Resources review at the producing Walyering gas field in L23 (100% net to STX).
Over the past year, Strike has produced ~7 PJe from the Walyering gas field, generating $64 million in gross sales revenue and achieving payback in May of this year.
Strike has completed the Reserves and Resources review following the reprocessing of the field鈥檚 3D seismic, the first year鈥檚 produced volumes and the addition of the Walyering-7 results.
RISC has assessed:
鈥� total 1P plus 1C Reserves and Resources of 37 PJe;
鈥� total 2P plus 2C Reserves and Resources of 57 PJe; and
鈥� total 3P plus 3C Reserves and Resources of 84 PJe.
Refer to table below and to the Important Notices section of this release for further details.
On material balance reviews the Walyering gas field has performed within the original range of expectations; however, a downward revision to 2P Reserves has been made, which is driven primarily by changes in the assumptions of gas in place. The effect of these reviews is a reduction in 2P Reserves from the Walyering 5 & 6 wells, which is partly offset by additions from Walyering7. Importantly, RISC do not observe any formation water production from the primary gas production zones.
Strike has approximately 32 PJ of contracted gas that remains to be supplied, and which can be satisfied from the revised 2P Reserves. As planned, Strike has identified compression facilities for procurement and installation. Timing of installation in mid-CY25 is in line with the production modelling, and it is expected that these facilities will be leased.
Contingent Resources to the West of the field associated with the Walyering-1 well from 1971 have reduced based on re-mapping from the 3D seismic reprocessing
At Walyering-7 the lower B and D-Sands remain untested, and Strike has now sourced slimline perforation guns to perforate and flow these reservoir units before the end of the year, which has the potential to add additional Reserves and Resources.
W7鈥檚 tie-in is well progressed and is targeting completion by the end of September with construction currently on schedule and on budget.
Strike also intends to drill the Walyering East structure by the end of the year. Walyering East sits inside the field鈥檚 3D seismic approximately 4.5km to the north-west of the Walyering production facility. Walyering East is similar to the Walyering-5/7 compartments in that it is fault bounded to the West by a major down to source fault and has similar prospectivity. The timing of the Walyering East well coincides with the estimated February 2025 completion of the APA Mondarra crossing, which will provide access into the Dampier to Bunbury Natural Gas Pipeline.
This announcement is authorised for release by the Managing Director and Chief Executive Officer in accordance with the Company鈥檚 Continuous Disclosure Policy.